Excess overdraft limit

[sar011279]

Hi There, can anyone help me?

Am about to start process of reclaiming bank charges with HSBC, can I also claim any unauthorised excess overdraft limit fees? (currently charging me £125 a month for at least the last 6 months)

Also my account hasn't been the best kept in the world and we do have quite a few spaits of returned direct debits and going over our overdraft limit, will this affect any claim?

[barracad]

Am about to start process of reclaiming bank charges with HSBC, can I also claim any unauthorised excess overdraft limit fees?

Yes.

 

Also my account hasn't been the best kept in the world and we do have quite a few spaits of returned direct debits and going over our overdraft limit, will this affect any claim?

No.

 

Please read the FAQs thoroughly - you will find the answers to these questions and many more. There is also a step-by-step guide.

 

Good luck!

[sar011279]

Am looking through my bank stats to try and find out what they have charged me. There are items marked as DR TOTAL CHARGES to ......(date). Are these what I'm looking for or could these be the legit overdraft facility charge?

[Mikelatham]

they used to add up all the charges for a month, then whach it on at once. these will be for going over you limit in my guess (they were on mine)

 

They should be for multiples of £18, and then they changed them to multiples of £20 then they started charging individually, from £10 to £30 depending on the amount

 

You should definatly claim these as they are penalty charges, which are the illegal ones.

 

Good news?

[HSBCrusher]

They put on their monthly charges, these for exceeding the OD, and then through the month the "card misuse" (one of the old favourites) and the bouncy cheques and D/Ds. They seem to forget the reason there isn't enough to cover your car insurance is because of the vast sum removed last month.

Things like arranging an overdraft are a service and cannot be claimed, but all the automated charges are just legalised mugging (legalised? not really) so count the lot.

[sar011279]

Thanks people!

It's a bit daunting at the moment. Will send other half up in the attic to retrieve old bank stats but last 2 years alone is adding up to almost 2K (without interest) and these have been the 'better' of the 6 years. Looks like I'm going to go over the 5K for small claims, what do I do then?

[maverik1979]

Thanks people!

It's a bit daunting at the moment. Will send other half up in the attic to retrieve old bank stats but last 2 years alone is adding up to almost 2K (without interest) and these have been the 'better' of the 6 years. Looks like I'm going to go over the 5K for small claims, what do I do then?

 

you can split the claim into different years, i.e first claim for the initial 3 years (2000-2003), then when the dust has settled and you have won that one , you can then pursue the remaining 3 years, the trick here is to avoid two claims in progress at once, as the courts may amalgamate the two and put you on a higher court track

[sar011279]

That's a bit of a shock, have just worked out bank charges since June 2000 and they total £3557 . I have not included the debit interest in this amount as I am not sure what I can claim and what may have been the debit interest for our arranged overdraft ( I understand I can't claim this). I have done the 3557 x 0.022%, x 365 x 6years and have a figure of £4985.13 ( is this right??, maths was never my strong point)

In view of this amount being so near the £5k small claim court limit is it worth adding the debit interest... if I can?

[Mikelatham]

That's a bit of a shock, have just worked out bank charges since June 2000 and they total £3557 . I have not included the debit interest in this amount as I am not sure what I can claim and what may have been the debit interest for our arranged overdraft ( I understand I can't claim this). I have done the 3557 x 0.022%, x 365 x 6years and have a figure of £4985.13 ( is this right??, maths was never my strong point)

In view of this amount being so near the £5k small claim court limit is it worth adding the debit interest... if I can?

As i believe, you have to calculate the interest on each individual charge. enter all the charges into the spreadsheet in the library, and it works out the interest, as it depends which date the charge was applied. takes a little while, but you have to be accurate.

[maverik1979]

i think they are referring to the daily interest amount which you have to submit with your court claim

 

" The daily rate is the claim amount x 0.00022 (which is the same as x 0.022%) "

[barracad]

I have done the 3557 x 0.022%, x 365 x 6years and have a figure of £4985.13 ( is this right??, maths was never my strong point)

 

No this isn't right, this is assuming the whole £3557 was charged 6 years ago. You need to calculate the interest for each individual charge and add them all together. The easiest way to do this is using the spreadsheet available on this site.

[mahala]

and of course, this interest isn't added until you file a claim with the court. When writing your intial request for payment, and the LBA, you don't add the 8% interest

[sar011279]

Can anyone provide a link for the spreedsheet that I need to work out the interest for the charges incurred ( not the 8% one). I can't seem to open the one in the library.

[barracad]

Are you using Excel?

 

www.bankactiongroup.co.uk/files/TEMPLATE.xls

[sar011279]

No, am using microsoft works... any ideas?

[barracad]

PM me your e-mail address and will try and sort out a compatible spreadsheet for you.

 

You need the complex one to work out the overdraft interest rather than the one that just works out the 8%?

[HSBCrusher]

There are the open office versions of the spreadsheet in the library.

[barracad]

There are the open office versions of the spreadsheet in the library.

 

Unfortunately, they aren't compatible with MS Works.

[HSBCrusher]

Isnt there a version of open office to download too for the spreadsheet to work in?

I used a on-line version, I don't seem to be able to find it anymore. Has it been moved or removed?

[maverik1979]

http://www.openoffice.org

[sar011279]

Thanks Barracad... you rock!

Just got to work out how to use it now:confused:

 

Something someone has said to me has but a little doubt in my mind and I would just like a bit of clarification...

 

Can you claim, for instance, if the bank returned a d/d for £20 but then charged you £30 for doing so... yes, I think, however..

If the d/d was for £50 and was returned and £30 charged can this still be claimed?

Also if the account was already over it's agreed overdraft limit and a d/d was presented, then returned and I have been charged, where do I stand then?

 

Sorry guys, proper thicko here:p

[barracad]

The short answer is 'yes' - this is covered in the FAQs. It's not a question of whether it's your fault the direct debit bounced, or the amount of the charge in relation to the amount of the Direct Debit. The fact is the amount they charge you is more than it costs them - that's the problem.

 

Good luck with the spreadsheet. I also have a simpler version compatible with Works which just calculates the 8%, but the one I've sent you will also help to calculate the overdraft interest they've taken.

[sar011279]

Finally!!!, after trawling through 6 years worth of statements I have come to a final figure!!, will be putting my prelim approach for repayement of £3615 in the post first thing in the morning.

Will keep you posted... now on to 'time retail finance'... I'm on a roll!

Thanks for all your help so far:)

[Janet-M]

keep us posted

[HSBCrusher]

Finally!!!, after trawling through 6 years worth of statements I have come to a final figure!!, will be putting my prelim approach for repayement of £3615 in the post first thing in the morning.

Will keep you posted... now on to 'time retail finance'... I'm on a roll!

Thanks for all your help so far:)

 

We are all rooting for you!